Federal Reserve Bank of San Francisco

Economic Research

Western Economic Developments November 1998

Date of Publication: 1998-11-01

1998-11-01

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Executive Summary

  • The Twelfth District economy grew at a solid pace during the third quarter, although growth has slowed from earlier in the year.
  • Payroll employment expanded by 2.3 percent at an annual rate during the three months ending in September, with a number of sectors posting solid growth.
  • District growth continued to outpace national growth in recent months, although the gap between the District and the U.S. pace of expansion narrowed.
  • The District’s current pace of growth represents a collection of divergent state experiences, with some state economies growing rapidly, while others are slowing or contracting.
  • Despite slower employment growth, many District labor markets remain tight. On average, unemployment in the District was 5.5 percent in September, about the same as in 1997.